• Start of lithium production in Argentina at year-end and regaining full ownership of this world-class strategic asset, essential for the energy transition
  • Operational performance of the main mining activities constrained in 2024:
    • 3 Mwmt of nickel ore sold at Weda Bay in Indonesia (-9% vs. 2023), due to the authorisations obtained being significantly below the environmental permit and the mining plan previously validated by the Indonesian Authorities
    • 5 Mt of manganese ore sold (-7%), factoring in the closure of the high-grade ore market in China in Q3 (-37% vs. Q3 2023)
  • Mixed price environment: decline in nickel ore selling prices in Indonesia; significant volatility in manganese ore selling prices, albeit leading to an increase on average for the year
  • Neutralization of SLN’s impact on the Group’s financial performance, following financing agreements with the French State
  • Adjusted EBITDA (excluding SLN)[i] at €814m, down 11% in 2024 (vs. 2023); positive intrinsic performance (+€135m), supported by productivity and mix improvement actions
  • Net Income, Group share (excluding SLN)1 positive at €144m
  • Adjusted Free Cash-Flow1 of -€308m owing to continued growth capex; adjusted leverage1 of 1.8x after regaining full ownership of Centenario in Argentina (€663m)
  • Implementation of the CSR roadmap – “Act for positive mining” – with a completion rate of 94% for the first year
  • Outlook for 2025 set against the background of an unstable market environment, notably that of steel in China. Market consensus to date around $4.5/dmtu in 2025 for manganese ore, down from 2024
  • Targets for 2025 focused on the productivity of operations:
  • Manganese ore transported: between 7 and 7.2 Mt, with the FOB cash cost[ii] between $2.0 and $2.2/dmtu, an improvement vs. 2024
  • Nickel ore sold externally: 29 Mwmt, with a planned decrease in the grade in mined zones and an increase in haulage costs at the mine
  • Lithium carbonate produced: between 10 and 13 kt-LCE, with a gradual ramp-up over the year, both in volume and quality
  • Continued productivity actions with gains expected to be higher than those of 2024
  • Controlled capex plan in 2025: between €400m and €450m[iii], down from 2024
  • Maintaining a rigorous capital allocation policy, focusing primarily on deleveraging
  • Proposal for a dividend of €1.5 per share in respect of 2024, in line with 2023

[i] Definitions presented in the financial glossary in Appendix 10

[ii] See Financial glossary in Appendix 10. Cash cost calculated excluding non-controllable costs: sea transport, marketing costs, mining taxes and royalties

[iii] Excluding the capex of SLN, financed by the French State

2024 was a difficult year, notably marked by a still unfavourable market environment and constraints on our production volumes, but we were able to respond by adapting our production and controlling our costs. We were also able to seize the opportunities presented by this low point in the economic cycle by regaining full ownership of our lithium assets in Argentina, where we successfully started production at the Centenario plant.

The strategy and transformation we have implemented over the last eight years are paying off: Today, Eramet is a much more financially robust mining and metals company, with world-class mining assets, recognised for its commitments to responsible mining and now well positioned to take advantage of the boom in metals linked to the energy transition.

In 2025, against an unstable and complex economic and geopolitical backdrop, we will remain focused on ramping up Centenario and on the operational performance of each of our sites, while continuing our actions to promote responsible mining through our “Act for Positive Mining” roadmap.

In view of the progress achieved with all of our teams, I know that we will be able to overcome these new challenges. It is therefore with confidence that I will hand over my executive functions to our new Chief Executive Officer, Paulo Castellari, on 27 May, and that I will continue to support the Group’s strategic transformation as Chairwoman.

Christel Bories,
Eramet group Chair and CEO